A $470 Billion Error? What’s Driving AMTD (HKD), GameStop (GME), AMC And Other Meme Stocks [Forbes]
AMTD Digital Inc. (HKD)
Company Research
Source: Forbes
GameStopSOPA Images/LightRocket via Getty ImagesAre Reddit traders back at it again?After listing in New York, a small, obscure Hong Kong company called AMTD Digital (HKD) exploded a crazy 14,000% before crashing this week—which then inspired a bout of sporadic rallies in US companies.In the past week, movie theater chain AMC jumped 64%. ideo game retailer GameStopGMEBBBYnearly doubledThe sudden, baseless interest in these companies prompted speculations about the comeback of Reddit traders and even market manipulation. But the real culprit here could bea mere typo.AMTD is not a meme stockLet’s take a closer look at AMTD’s boom and bust.AMTD is a three-year-old fintech company based in Hong Kong, which debuted on the New York Stock Exchange on July 15. On the listing day, the stock was trading at $7.8. At its intraday peak last Wednesday, the stock was selling for $2,555.MORE FOR YOUA Government Shutdown Is Just 3 Days Away—Here's What Would Happen If Lawmakers Don't Strike A DealBuy
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HKD
News
- AMTD Digital Announces a New Share Repurchase ProgramBusiness Wire
- AMTD World Media And Entertainment Group Embraces Full Independent Board Structure, Ready For Its 2.0 Stage Of Development And Growth In The Global DomainBusiness Wire
- AMTD Digital Successfully Completed Its Share Repurchase Program [Yahoo! Finance]Yahoo! Finance
- AMTD Digital Successfully Completed Its Share Repurchase ProgramBusiness Wire
- AMTD Digital’s Entertainment and Movie Businesses Are Estimated to Contribute Significantly to Net ProfitBusiness Wire
HKD
Sec Filings
- 2/14/24 - Form SC
- 2/14/24 - Form 6-K
- 2/9/24 - Form 6-K
- HKD's page on the SEC website